Veil – A Hidden Gold with a Disruptive Innovation in Privacy
Veil – Blockchain technology has changed our perspective not just about money but also about many other things. Blockchain technology has taken not only the countries but also third-party companies and banks in exchange for our money. While blockchain is growing so fast, is also facing some problems. The most important thing is security. Blockchain technology is still a very new technology, even though he found life after an article written 10 years ago. This sector, which has a security problem, constantly under attack. However, some projects aim to build a strong technology that will strengthen the block-chain technology. It is possible for us to exchange our money purchase anonymous and untraceable. I’m going to talk about this project, and it was one of them. And it has managed to become an innovative and first in many areas as its features.
The biggest problem with cryptocurrency is security. One of the biggest reasons for this is that the exchange is centralized and the central transfer transactions possible. Blockchain technology, in fact, need to establish a decentralized system. This means that all user data is not stored in a single repository, we need to block untraceable. But the use of the chain block while causing the account to be easily found and hacked. Due to the lack of his own wallet, this coin is an open target to keep the coin in the center of the stock market. In addition, users do not have the opportunity to make mining for each coin. Mining coins such as Bitcoin, Dash, Ethereum very expensive, costly and time-consuming task. It can not be done by anyone, and cannot be profitable for everyone. But it should be noted that what makes Block Chain proprietary technology is that it allows being able to transfer irreplaceable, confidential and secure money. The nature of the security at stake.
Veil is an open-source, hybrid blockchain project, which was launched on January 1, 2019. Veil Labs is a professional team of developers dedicated to pushing the boundaries of technology in blockchain technology, cryptography, and privacy. They plan to implement innovative technologies in the Veil in the effort to maintain the competitive advantage of the project as leading market-focused cryptocurrency privacy. Veil Labs also encourage other projects to adopt the veil innovation in order to promote overall cryptocurrency space.
The Main Innovation
While the Veil is aggregating and improves some of the leading blockchain technology and network layer to the network, a lot of progress made by the network through the development of new technologies.
Network utilizing multiple mechanisms of consensus. To ensure decentralization, Veil utilizes Proof-of-Work / Proof-of-Stake hybrid consensus. Extra power hash adds security to the network and makes sure the coins are distributed in society. In addition, the evolution of the system of X16R hashing algorithm (proposed by Ravencoin), in the form of X16RT, more resistant to ASIC development.
As stated above, the network uses the mechanism of consensus duel. Thus, users can also share token and become a node. This project takes a unique view on decentralization which is embedded in reality. Not all members Crypto aligned with the mining space – in fact, most do not. Thus, providing the means to get the block reward by staking open network nodes to more actively securing the network as stalking is a process which is much more friendly to the masses. An additional benefit is that the consensus PoS will increase energy efficiency factor for the blockchain.
As the use of PoS and privacy for transactions Basecoin show, Project veil pinned on providing privacy solution for the masses. Coin privacy needs to upgrade the user experience and that means upgrading to Zercoin protocols essential to the project. private Zerocoin transactions can now be done in the values of the pre-eye and thereby limiting the usefulness of privacy coins for payment were outside the scope of the denomination. Thus the transaction Basecoin become a necessity; Therefore, for the most part, the denomination needs largely cancel coin value privacy. To overcome this, the Veil Project is the first to provide multi-transaction Zerocoin spent.
This solution allows users to pack cleverly multi-block transaction to make payments without concerning itself with denominational barriers.
Innovative and Efficient Always-On Privacy
Veil project using Partial RingCT technology together with another technology called Zerocoin evidence which was first implemented in Zcoin. Both these two approaches have their benefits and trade-offs, but when combined together, create superior privacy solutions either technology alone.
Many are familiar with zerocoin based networks such as PIVX where coins have seen the state of the public ‘Basecoin’ where coins can be converted into Zerocoins the newly minted coins are basically without any previous transaction history. This is a great privacy function but technology is not used to a lot of the projects that have implemented it. Veil, however, has been constructed in a way that incentivizes protocol Zerocoins use. (In the privacy of other projects with this technology, less than 1% of the transaction is private transaction).
RingCT obfuscates the value of funds transferred so that no one can see how many coins consist of transactions and serves as full-time privacy utilizing state of mixing. Bulletproofs have also been implemented which significantly reduces the size of the transaction. Veil Dandelion also supports protocols that make it almost impossible to trace the transaction back to the source node on the network.
Hybrid Consensus Mechanism
Veil offers a hybrid Proof-of-Stake (POS) and (POW) Proof-of-Work with a well thought out approach that would encourage maximum decentralization.
POS as consensus does not require expensive special mining technology that opens up the ability to substantially more users to participate in a reward mechanism. POS requires the user to save the wallet open and connected to the internet. The innovative approach of the veil for POS is that the denomination Zerocoin only able to be staked. This will improve the overall privacy coins with the incentive to use privacy technology. All balances the veil will be set to auto-mint for denominations of 10, 100, 1000, and 10,000 Zerocoin Veil also helps enable privacy by default.
POW mining algorithms use hashing algorithms X16RT ASIC resistant which is an improved version of the algorithm was introduced by the project X16R Ravencoin make the GPU the best way for me. This makes Veil large coin to house miners to be able to contribute hash power worthy of them to secure the network resulting in vastly superior decentralization and economic opportunities for smaller-scale miners.
Enhanced User Experience
Veil acknowledged that the mass adoption of new innovative technologies is difficult when the user experience is not easy, and thus the hoods laboratory is focused on making it easier for general users to use technology that is built into the hood. So Veil developed multi-transaction Zerocoin spent as a solution.
Those who have used the system Zerocoin may be aware that due to the requirements of computing and transaction sizes that most projects limit users to a fixed number of transactions zerocoins denomination. It creates a negative in ease of use by limiting the number of users can be spent in a single transaction. Veil solve this problem with a multi-block transaction that is transparent to the user while enabling them to create the sending of various sizes.
To avoid the need for a backup file, wallet Veil supports BIP 0039 / BIP-0044 single deterministic Seed entire wallet that enables the ability to be restored to include both transaction and Basecoin Zerocoin. In the past Zerocoins due to complications with the backup wallet to the detriment of the user experience.
When the second phase of the wallet Veil opened, the user will have the option to dramatically reduce the amount of local disk storage used by purse through a process called pruning transaction. This will allow all transactions are not relevant to the wallet, especially users to be removed from the data set locally. However, users who are keen to help secure the network through running a full node will remain appreciated all transaction costs in the block mined.
Veil market cap sitting at just only $ 2.9 million in the ranking of 601 was approached and was recently added to Coinmarketcap.
Features Of Veil
- Always in Privacy & Security
Project veil realizes the vulnerability in the current system and wants to fix it. For this reason, a platform that uses the protocol and technology Zerocoin RingCT want to build a firewall really is unbeatable for the user. This is to maximize the experience of blockchain architecture created by Veil.
- Anonymous Passive Income Opportunities
For now, it is possible to have a passive income on many platforms. However, the veil of the project would like to take it one step further. You get an award in the headscarf anonymous project. That means no one knows how much you win and when you win. Even if you leave your wallet open, you can take advantage of the rewards stack.
Veil project does not require third-party companies or stock exchanges to maintain continuity. Thanks to the consensus made by the project veil, users confirm the accuracy of their block and thus no third parties as necessary. Because this project is really a user-oriented. As a result, the wallet is user-friendly and has a simple interface and design that makes it easy for users to work with.
Veil projects are projects that have entered the market without the ICO and is currently being traded in many stock exchanges. Blockchain Veil project is a project that provides maximum security which is supported by the science of cryptography anonymously. This project allows you to create passive income by performing various operations. In addition, the project team created a wallet, web design, desktop wallet products such as design completely user-oriented. And they want to help them live a block-chain experience them in the right way.
To know the latest information about the Veil project you can visit the link below:
ANN THREAD: https://bitcointalk.org/index.php?topic=5065331.0
Bitcointalk username: ubay
Bitcointalk profile link: https://bitcointalk.org/index.php?action=profile;u=376156
Disclaimer: “I’m not a representative or a member of the Veil team, I just give you the latest ICO info”